ROSEAU, Dominica – Leaders of the Organisation of Eastern Caribbean States (OECS) whose countries operate a Citizenship by Investment (CBI) programme Friday announced plans to mount a “high-level mission” to Brussels after the European Union announced plans to end visa free programme for the sub-region.
In a three-page statement, the leaders of Antigua and Barbuda, Dominica, Grenada, St. Lucia, St. Vincent and the Grenadines and St. Kitts and Nevis said they would undertake the mission “at the earliest appropriate opportunity” to engage directly with the President of the European Commission, the President of the European Council, the High Representative of the Union for Foreign Affairs and Security Policy.
“These engagements will seek to deepen mutual understanding of the unique vulnerabilities and development realities of small island developing states, to explore practical and mutually beneficial solutions to the issues identified by the European Union, and to strengthen the longstanding partnership between the European Union and the Eastern Caribbean.”
Under the CBI programme, foreign investors are granted citizenship of the island in return for making a substantial investment in the socio-economic development of the country.
The OECS leaders met at the invitation and under the chairmanship Dominica’s Prime Minister Roosevelt Skerrit to consider “recent developments” concerning the CBI programmes and the implications of the European Union’s revised visa suspension mechanism.
The statement said that the leaders reviewed the recent communication from the European Commission and “exchanged views on the potential implications for the economic resilience, sustainable development, and long-term prosperity of their respective countries, as well as on the appropriate collective response of participating States.
“The Heads of Government reaffirm the strong and enduring partnership between our countries and the European Union, founded on mutual respect, shared democratic values, and a common commitment to international cooperation and sustainable development.
“We welcome continued dialogue with our European partners and remain committed to engaging constructively in addressing matters of mutual concern,” they said.
The government leaders said that they recognise the importance of maintaining the “highest standards of security, transparency, integrity, and good governance” in the operation of CBI programmes.
“Over the past several years, our governments have undertaken significant reforms, including the strengthening of due diligence frameworks, enhanced information sharing, greater transparency measures, and the implementation of rigorous regional standards designed to ensure that our programmes remain among the most robust in the world.
“The establishment of the Eastern Caribbean Citizenship by Investment Regulatory Authority represents a major advancement in regional governance and oversight. Through this institution, participating States have demonstrated their collective commitment to harmonized regulation, enhanced compliance, and continuous improvement in accordance with evolving international best practices.”
The leaders said that they needed to underscore that the CBI programmes have become “an important pillar of economic resilience and development financing for small island developing states.
“Revenues generated through these programmes have supported critical investments in climate resilience, disaster recovery, infrastructure, housing, healthcare, education, and fiscal stability. These programmes have enabled our countries to respond to extraordinary external shocks while reducing dependence on unsustainable borrowing and preserving macroeconomic stability,” according to their statement.
They said against this backdrop, they note that future adjustments to existing arrangements must take full account of the economic realities and development vulnerabilities of small island developing states.
“Any transition affecting a significant source of national development financing must be accompanied by a comprehensive framework that safeguards economic stability, protects development gains already achieved, and supports the creation of sustainable alternative sources of financing.
“We therefore welcome the European Commission’s commitment to continued engagement and technical dialogue. To advance this, the Heads of Government have agreed to pursue a coordinated programme of diplomatic engagement with the institutions of the European Union and the governments of member states. “
They said that the discussions with the European Union “should also encompass opportunities for enhanced development cooperation, strategic investment partnerships, climate resilience financing, economic diversification initiatives, and other appropriate support measures capable of strengthening long-term economic resilience and facilitating any future arrangements that may be agreed between the parties”.
In addition, the leaders say they have also directed their Ministers of Foreign Affairs, Ministers responsible for Citizenship by Investment Programmes, Ambassadors, and senior officials ”to coordinate closely in support of these efforts and to ensure the presentation of a unified regional position in all engagements with European counterparts.
“They further mandate the establishment of a coordinated diplomatic outreach programme to key European capitals in support of the objectives outline,” the statement said, noting that the leaders “believe that solutions can and should be developed through genuine partnership, reflecting both the legitimate policy objectives of the European Union and the legitimate development needs of small island developing states.
“Any future framework should be guided by the principles of proportionality, partnership, shared responsibility, and sustainable development,” the statement said, adding the regional leaders “reaffirm their readiness to engage constructively in this process and express their confidence that, through dialogue and cooperation, balanced and durable solutions can be achieved”.
